I think the exercise in the brokering of selling newsletter ads, even on a small scale of one or two customers, will be truly valuable in achieving understanding of the needs of the platform before you dump precious time and resources into building it.
I wouldn't write off that idea too quickly... As an added bonus you can make $$ doing this from day 1, before you even have a product.
1.) It gave me a realization that I may not be the best person to execute this, but I can sure as hell give it a shot.
2.) I can do this in the short term to prove there's an issue, but it's not scalable.
With that being said, I'm still going to pursue this in order to prove concept and make some cash.
If I was raising investment (plan Z), I'd try to find a team member with ad sales experience (or maybe an advisor).
If nothing else, I'd like to at least make it easier for startups and small companies to have somewhere to find what these requirements are. Maybe this ends with howtosubscribe.com being a labor of love to help organize the net's plethora of newsletters.
If your proposal of selling one or two and then expanding from there. This idea would probably be suited better for someone with history of selling newsletter ads. For me, it'd be a problem of being the "wrong person to execute". Something I hear Chris Dixon & PG mention a lot.